please give solution for the problem.
lets say i have 8 lakh returns in a FY -22
through which i have LTCG OF 3 LAKHS
THEN WHAT MIGHT i need pay as income tax .
explain in detail with slabs.
If you don’t have any LTCL in that year (or brought forward from previous years), then you have to pay 10% of (3L - 1L) = Rs.20,000/- as long term capital gain tax. You also have to pay surcharge etc. on this tax, as applicable.
This is assuming that you have other income which already puts you in a taxable bracket. If you don’t have any other income then you may not have to pay all of 20K as tax on capital gains. But I am not sure of the computation in this case, since I never had to do it.
Assuming you have only 3 lack as LTCG, and no other income, then you need not pay any tax as
3L minus 1Lack = 2 Lack which is below the threshold level of 2.5 lacks.
On the contrary, if you have 1 lack as salary or other income, then your total income will be
2 Lack + 1 lack = 3 lack and exemption is 2.5 lacks and hence you will have to pay tax on 50,000.
You can use your own calculation based on your income.
The above is if you are a Resident. In case you are a NRI, you will have to pay tax on LTCG irrespective of the fact income is below exemption limit.
Disc: Do cross check with a Tax expert. These are my views.